(Alliance News) - Eqtec PLC on Tuesday said its subsidiary Haverton WTV Ltd reached a deal to extend an existing purchase pact related to land where the 25 megawatt Billingham waste gasification and power plant will sit.
Shares were trading 5.6% higher in London on Tuesday afternoon at 0.89 pence each.
Eqtec is a Cork, Ireland-based bioscience energy company focused on turning waste into sustainable energy.
In February last year, the company's subsidiary Haverton WTV signed a conditional purchase agreement with Scott Bros Enterprises Ltd for the land on which the proposed Billingham waste gasification and power plant will be constructed.
Eqtec said on Tuesday that Haverton and the Billingham, England-based haulage and plant hire firm Scott Bros reached an agreement to extend the existing, conditional land purchase agreement.
Eqtec will pay GBP8.6 million for the site, with a GBP260,000 deposit already paid on February 26, 2021, with further GBP250,000 to be paid by next week Thursday, with an additional GBP500,000 by the end of September.
The remaining GBP7.6 million balance is payable on completion of the land purchase, which must occur by December 23.
"The Billingham project on Teesside continues to generate strong and varied interest from investors, engineering, procurement, construction and technology partners and offtake purchasers, including potential customers for hydrogen or biofuels," Chief Executive David Palumbo commented.
"As we drive completion of feasibility studies on these options and adjust the proposed business model for the plant, we are increasingly excited about the impact we can make and the role we can play in the development of Teesside's leadership with innovative energy provision in the UK. "
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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Eqtec (EQT)